CDL unveils offer for Millennium & Copthorne

The deal would value the hotel group at about $3.2b.

City Developments Limited (CDL) is looking to buy out its London-listed hotel arm Millennium & Copthorne (M&C) for 552.5 pence a share, a deal with a total of $3.2b.

The consideration price would amount to 545 pence per share.

M&C's independent directors will recommend an offer by CDL to M&C Shareholders.

CDL said that it intends to maintain M&C’s current business model, in particular, to run the business as an owner and operator of its hotel portfolio.

It clarified that it has no intention to sell or repurpose any of M&C’s hotels in London or in New York.

CDL currently owns 65.20% of M&C shares.

CDL has until 6 November 2017 to announce its intention to make an offer for M&C.